Unlike some sectors of the economy, real estate in Brazil has experienced strong interest from buyers and buoyant sales since March last year. And for certain types of homes, the market is booming. This is the case for Ceará luxury property, a niche market that has seen a massive uptick over the last 12 months. Local analysts point to twice as many sales and a repeat of this scenario during 2021.
Home improvements drive market
The highest end of the real estate sector in Ceará has suffered almost no ill effects since the pandemic was declared. In fact, high-end property has experienced an unprecedented boom as affluent locals look to improve their homes.
Luxury real estate ticks all the boxes for a higher quality of lifestyle, more important than ever after lockdown. Discerning buyers look for quality finishes, larger homes and residential complexes with leisure facilities onsite.
Sales value doubles in 12 months
According to statistics from the state civil construction union (Sinduscon-CE), the sales value of high-end property in Ceará has doubled over the last 12 months. The state real estate association (Creci-CE) reiterates the trend.
“Many people who were thinking about buying at the higher end of the market decided to upgrade their homes during the pandemic,” explained Jonathas Costa from Creci-CE.
The President of Sinduscon-CE, Patriolino Dias, reiterates this trend. “We’ve noticed that instead of saving their money in low-interest funds, people have decided to improve their homes,” said Dias.
The uptick in purchases of Ceará luxury property has come as a surprise to the sector. “It’s extraordinary how the high-end of the property market has exploded since last year,” said Dias.
Ten high-end launches in state
In response to the strong demand for Ceará luxury property, developers in the state launched ten projects of the highest level last year. According to Sinduscon-CE, these included six luxury apartment complexes in Flecheiras and Guajiru plus two in Aquiraz.
All are primarily for the second-home market in the state, a burgeoning sector as staycations remain the only travel option for Brazilians. And all properties are high-end with striking architectural design and quality fittings and finishes.
Luxury sector booms in Ceará
Affluent locals haven’t limited their purchases to real estate during the pandemic. All sectors within the Ceará luxury market have experienced strong sales over the last 12 months. Cars are one such example - Porsche was the only make to see growth of over 30% in 2020.
Perfume and cosmetics also saw an exponential rise in business last year. According to the head of sale for Le ‘Loyn’s brand, Ceará is the centre of perfume imports in Brazil. “The potential for growth in the state is higher than Rio de Janeiro and Sao Paulo,” said Yuri Lamartine.
Bright future for Ceará luxury property
Analysts agree that 2021 will see more the same trend for high-end products in Ceará. Sinduscon-CE expects more developers to turn their attention to luxury property in the state, driven by high demand for quality homes.
(Source: Diario do Nordeste)